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Tif District May Lead To Senior Center

June 25, 1996|By G.J. Zemaitis. and A digest of late news reports, compiled by Allan Gray.

Villa Park — Village officials are hoping that a special tax district will help start the rehabilitation of the long-abandoned Ovaltine plant.

Trustees said Monday night that they plan a public hearing for Aug. 12 to give residents an opportunity to speak about the creation of a tax increment financing district.

The tax district would help owner Richard Haskel turn the 14.4-acre former Ovaltine site into a care center for the elderly. Haskel's plans call for individual and communal living quarters, a theater, a restaurant and retail space.

Haskel bought the former breakfast-drink factory in 1986. He at one time intended to convert the property into a managed-care center but ran into opposition from nursing-home operators, who reportedly blunted his ability to obtain a state certificate.

Under a tax increment financing plan, real estate taxes collected on the area would be used solely for renovations within the district. State law limits the district's life to 23 years.

Opponents of the scheme commonly include school district officials because the tax revenue is frozen for the duration of the TIF district.

Along with the Ovaltine site, trustees are considering a second TIF district to encompass the Villa Avenue business area.